Ericsson's Vestberg steps down - search for new CEO initiated

Ericsson's Hans Vestberg is stepping down as President and CEO and member of the Board of Directors of Ericsson with immediate effect.

Jan Frykhammar, Executive Vice President and CFO, will assume the CEO position until a new CEO is in office.
Chairman of the Board Leif Johansson says: "Hans Vestberg has led the company for seven years through significant industry and company transformation. Hans has been instrumental in building strong relationships with key customers around the world and his leadership and energy have been an inspiration to employees and leaders across Ericsson. However, in the current environment and as the company accelerates its strategy execution, the Board of Directors has decided that the time is right for a new leader to drive the next phase in Ericsson's development."
Hans Vestberg says: "I have had 28 fantastic years at Ericsson, the last seven as CEO. As the industry enters a next phase, driven by 5G, IoT and Cloud, it is time for a new CEO to step in and continue the work to ensure Ericsson's industry leadership."
Effective immediately Jan Frykhammar, Executive Vice President and CFO, steps into the position as President and CEO until the now initiated recruitment search has been concluded. As customary, the search process will comprise both internal and external candidates.